The U.S. is planning to send more troops to the Middle East as tensions against Iran continue to escalate. Bitcoin dropped below $70,000 again today as crypto traders predict that the U.S.-Iran war could drag on at least until May, a development that could have significant consequences on the economy.
U.S. To Deploy More Troops As U.S.-Iran War Enters Week 4
According to a Reuters report, the U.S. military is deploying thousands of additional Marines and sailors to the Middle East, citing three U.S. officials. However, there has yet to be a decision on whether to send these troops into Iran, although they aim to use this move to build up capacity for future operations in the region.
A White House official has also clarified that Trump doesn’t plan to send troops into Iran even as the U.S.-Iran war enters its fourth week. The official added that the U.S. military could take out Iran’s Kharg Island at any time, but that they are keeping their options open and not revealing strategy.
This followed an earlier report that Trump was considering taking over the Island to pressure Iran to open the Strait of Hormuz. The U.S. attacked military targets on the Island last week but did not hit Iran’s oil infrastructure, although Trump threatened to do so if Iran did not reopen the Strait of Hormuz.
Bitcoin and the broader crypto market continue to face pressure as the U.S.-Iran war sends oil prices rising and sparks fears of inflation and recession. The crypto market saw a relief rally earlier today as oil prices fell amid revelations that the U.S. may un-sanction Iranian oil in the water.
However, the market has since given up these coins, with Bitcoin falling below the psychological $70,000 level again. BTC is currently trading at around $69,700, down from an intraday high above $71,000.
Iran Warns Of Any Potential Attack On Oil Infrastructure
Iranian Foreign Minister Abbas Araghchi said in an X post that they will show “zero restraint” if there is another attack on their oil infrastructure. This development could send crypto prices spiraling again. Notably, the U.S.-Iran war escalated earlier this week after Israel attacked Iran’s South Pars gas field, although Israel said that the U.S. did ot approve these strikes.
Meanwhile, Araghchi again noted that Iran did not start the war and suggested that there was no reason for the U.S. to have carried out airstrikes on them in the first place. “Iranians do not sneak-attack adversaries while engaged in dialogue. Only when attacked do we powerfully respond,” he said.
The Iranian FM also claimed that Trump’s claims about the U.S.-Iran war were ‘detached from reality.’ This came as he drew parallels to the Vietnam War, where the U.S. claimed it was winning while hundreds of U.S. soldiers were dying.